The startup raised an undisclosed amount of money in Series D funding, led by investment company IIFL, with the participation of former investors, including Tiger Global and 3one4 Capital. The new capital infusion leaves Open at USD 1 billion evaluation, following a Series C funding of USD 500 million, later in 2021.
Open is a neobank that offers SMEs and enterprises all features of a regular bank, with additional tools to serve the needs of small businesses. The startup is now used by over 2.3 million small businesses across India and currently processes over USD 30 billion in transactions per year. Open also expanded its offerings so that it now provides its neobanking technology to banks in a white-label licensing arrangement who can later be sold to its customers.
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